If it turns out that the pump is spinning, you may have the problem that I just had. On a recent ride, my bike started, then sputtered and then would not start. It basically showed vapor lock symptoms, except that I had just finished eating breakfast and the bike was parked in the shade for 45 minutes. The fuel pump worked, but was making a high pitched whine.
After 20 minutes, it started and would run. I took no chances and headed home and then later to my dealer. The mechanic there tested the output of the pump and it was within specs. We decided that the problem was most likey the electronic petcock, which is a known issues with V11's. When they removed the petcock, one of the wires basically crumbled. This was most likely the problem.
I rode the bike today and there were no problems, once I tightened the bolt on the negative battery terminal.
So your problem may be a bad petcock too. Something to check.
Regards,
-ken